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level: Basic Terms

Questions and Answers List

Question	Answer
What is the term used to describe an agreement between two people relating to a business activity?	Transaction
What is the term used to describe any money earned by a business?	Income
What is the term used to describe income made by a business, including standard business activities, interest, royalties, and sale of assets, amongst other things?	Revenue
What is the term used to describe people or companies that a business owes money to?	Creditors
What is the name for people/other businesses who owe a company money?	Debtors
What is the term used to describe money owed to people/other companies by a business?	Liabilities
What is the term used to describe payments made to other companies or items purchased by a company in order to run a business?	Expenses
What does the term VAT stand for?	Value Added Tax
What is the term used to describe the full amount shown on an invoice inclusive of VAT?	Gross
What is the term used to describe the amount shown on an invoice minus VAT?	Net
What is the basic definition of bookkeeping?	Recording transactions in the financial records of a company